financial services

CAPE TOWN, SOUTH AFRICA. Professor Bruce Hewitson, head of the Climate Systems Analysis Group at the University of Cape Town (UCT) talks about the latest science developments at Fossil Free SA and 350Africa’s Carbon Risk, Divestment And Ethical Investment Workshop at the World Wildlife Fund (WWF) offices in Newlands, Cape Town, South Africa on 10 May 2017. Picture: Jennifer Bruce/350Africa In South Africa, climate/energy policy is intensely contested, with the government’s support for big coal and stalling on renewable energy development contradicting its commitments on climate change. The Carbon Risk, Divestment And Ethical Investment Workshop was held to discuss the implications for South African investors, fund owners and managers and to ask how SA funds can fully address the moral, financial and fiduciary risks of high carbon exposure.

CAPE TOWN, SOUTH AFRICA. Fossil Free SA with 350Africa hosts a Carbon Risk, Divestment And Ethical Investment Workshop with the World Wildlife Fund (WWF) in Newlands, Cape Town, South Africa on 10 May 2017. Picture: Jennifer Bruce/350Africa In South Africa, climate/energy policy is intensely contested, with the government’s support for big coal and stalling on renewable energy development contradicting its commitments on climate change. The Carbon Risk, Divestment And Ethical Investment Workshop was held to discuss the implications for South African investors, fund owners and managers and to ask how SA funds can fully address the moral, financial and fiduciary risks of high carbon exposure.

CAPE TOWN, SOUTH AFRICA. Fossil Free SA with 350Africa hosts a Carbon Risk, Divestment And Ethical Investment Workshop with the World Wildlife Fund (WWF) in Newlands, Cape Town, South Africa on 10 May 2017. Picture: Jennifer Bruce/350Africa In South Africa, climate/energy policy is intensely contested, with the government’s support for big coal and stalling on renewable energy development contradicting its commitments on climate change. The Carbon Risk, Divestment And Ethical Investment Workshop was held to discuss the implications for South African investors, fund owners and managers and to ask how SA funds can fully address the moral, financial and fiduciary risks of high carbon exposure.

CAPE TOWN, SOUTH AFRICA. Fossil Free SA with 350Africa hosts a Carbon Risk, Divestment And Ethical Investment Workshop with the World Wildlife Fund (WWF) in Newlands, Cape Town, South Africa on 10 May 2017. Picture: Jennifer Bruce/350Africa In South Africa, climate/energy policy is intensely contested, with the government’s support for big coal and stalling on renewable energy development contradicting its commitments on climate change. The Carbon Risk, Divestment And Ethical Investment Workshop was held to discuss the implications for South African investors, fund owners and managers and to ask how SA funds can fully address the moral, financial and fiduciary risks of high carbon exposure.

CAPE TOWN, SOUTH AFRICA. David le Page of Fossil Free South Africa (L) and Rev Rachel Mash from the Anglican Church of Southern Africa (C) at the Fossil Free SA and 350Africa Carbon Risk, Divestment And Ethical Investment Workshop at the World Wildlife Fund (WWF) offices in Newlands, Cape Town, South Africa on 10 May 2017. Picture: Jennifer Bruce/350Africa In South Africa, climate/energy policy is intensely contested, with the government’s support for big coal and stalling on renewable energy development contradicting its commitments on climate change. The Carbon Risk, Divestment And Ethical Investment Workshop was held to discuss the implications for South African investors, fund owners and managers and to ask how SA funds can fully address the moral, financial and fiduciary risks of high carbon exposure.

CAPE TOWN, SOUTH AFRICA. Fossil Free SA with 350Africa hosts a Carbon Risk, Divestment And Ethical Investment Workshop with the World Wildlife Fund (WWF) in Newlands, Cape Town, South Africa on 10 May 2017. Picture: Jennifer Bruce/350Africa In South Africa, climate/energy policy is intensely contested, with the government’s support for big coal and stalling on renewable energy development contradicting its commitments on climate change. The Carbon Risk, Divestment And Ethical Investment Workshop was held to discuss the implications for South African investors, fund owners and managers and to ask how SA funds can fully address the moral, financial and fiduciary risks of high carbon exposure.

Summary

On 10 May 2017, Fossil Free South Africa convened a workshop for financial services professionals in Cape Town on fossil fuel divestment. The aim of the workshop was to build awareness of climate and carbon risk – and the divest-reinvest movement – amongst financial services professionals, and to catalyse the creation of divested funds and instruments. Judging by broad responses, we succeeded in the first objective, but the second objective – creating new funds – will take a great deal more work, though hopefully the necessary conversations have started. (The background reading for this workshop appears here.) Some video excerpts appear here.

Discussion

After the presentations, we divided into four groups for a deeper discussion of some of the issues that had been raised. The discussion was covered by the Chatham House Rule, and is observed in these notes. These are some of the broad points that arose: (more…)

We are a network of South Africans calling for divestment from fossil fuels – and restorative reinvestment in sustainable energy – to stigmatise fossil fuel use, accelerate sustainable system change, help slow climate change, reduce the financial risks of fossil fuel investments, and so help secure our human rights and common future.